- CloudCommerce (OTCPK:CLWD -7.9%) entered into a securities purchase agreement with an institutional investor for the purchase of 142.8M shares and warrants to purchase shares in a registered direct offering.
- Purchase price for one share and one warrant to purchase one share is $0.07.
- Warrants will be immediately exercisable and will expire five years from the issue date.
- Gross proceeds expected to be ~$10M; net proceeds to be used for accelerating the development of SWARM, its AI-enabled platform designed to eliminate waste in digital advertising and general corporate purposes.
- Offering expected to close on or about Feb.23.